Guideline Value for North High Court Colony

North High Court Colony guideline value

The current guideline value for North High Court Colony in Konnur village, under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of North High Court Colony has changed

The guideline value for North High Court Colony has seen several revisions over the years. In 2002, the guideline value was Rs 411 per sq.ft, which increased to Rs 446 per sq.ft in 2003. By 2007, it rose significantly to Rs 800 per sq.ft, and further increased to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and currently, it stands at Rs 3,800 per sq.ft as of the 2024 revision.

Between the revisions, the changes were notable. From 2002 to 2003, there was a 9% increase. The value rose by 79% from 2003 to 2007, and then saw a 338% increase from 2007 to 2012. The guideline value decreased by 33% from 2012 to 2017, followed by a 49% increase from 2017 to 2023. The most recent revision from 2023 to 2024 reflects a 9% increase. Overall, from 2002 to 2024, the guideline value has increased by 825%.

Guideline values in Konnur

In Konnur, there are a total of 249 streets under the Konnur SRO with 2024 guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value is Rs 3,800 per sq.ft, which is the same as the guideline value for North High Court Colony.

• North Jaganatha Nagar 1 to 12 Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Annex: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar First Prathna Salai: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar I Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Second Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Second Prathna Salai: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in North High Court Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty, calculated at 7%, amounts to Rs 2,66,000, and the registration fee at 2% is Rs 76,000. Together, the total cost for these fees would be Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North High Court Colony?

The North High Court Colony is covered by the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Konnur

The guideline value is an essential factor during the registration process of property transactions in Konnur. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated accurately based on the property's value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to assess the financial obligations associated with the transaction, providing clarity and transparency in the process.

Frequently asked questions

What is the current guideline value for North High Court Colony?

The current guideline value for North High Court Colony is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 411 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 825% over this period.

What is the land classification for North High Court Colony?

North High Court Colony is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price of the property.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find more details through the provided link.